The Use of Estimates and Revision of Estimates Are Uncommon

question 40

True/False

The use of estimates and revision of estimates are uncommon in financial reporting.

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Definitions:

Cognitive Therapy

A form of psychotherapy that emphasizes the identification and modification of dysfunctional thinking patterns to alter emotions and behavior.

Systematic Desensitization

A type of exposure therapy that associates a pleasant relaxed state with gradually increasing anxiety-triggering stimuli. Commonly used to treat phobias.

Counterconditioning

A behavior therapy technique that involves replacing an unwanted or negative response to a stimulus with a positive one.

Psychological Disorders

Psychological disorders are patterns of behavioral or psychological symptoms that impact multiple areas of life and/or create distress for the individual suffering from them.